NU Online News Service, Dec. 15, 3:37 p.m. EST
Pembroke, Bermuda-based reinsurer PartnerRe Ltd. said it has upped its loss estimate for the Sept. 3 New Zealand earthquake.
The carrier said it now expects its losses for the earthquake to be in the range of $140-$160 million, up from the company's initial estimate of $64 million included in its third-quarter 2010 financial results.
The revision is based on a review of recent information received from several cedants and reflects the higher than expected number of new claims filed in November and December, the company said. It also reflects engineering reports regarding the extent of land damage.
Based on this information, PartnerRe said it estimates an industry loss of approximately $4.5-$5.5 billion.
PartnerRe's loss estimate is pre-tax, net of reinstatement premiums, assumed and ceded, and net of retrocession. These losses are expected to be contained primarily within the catastrophe subsegment, the company said.
PartnerRe added that to date there have been no other significant large losses during the quarter.
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